October 20, 2021

CBN, forex scams and economy

THE continued downward spiral of the naira at the weekend, when it exchanged at N570 to one United States dollar, has upended the recovery efforts of the government and businesses and raised the spectre of economic collapse. Defying all efforts by the Central Bank of Nigeria to calm the turbulent foreign exchange market and protect the national currency, structural deficiencies, manipulation, panic-buying, hoarding and reduced in-flows pushed the naira close to N600 to $1 and over N750 to the pound sterling at the parallel market last week. With the economy’s soft underbelly also laid bare and tottering in an increasingly fragile polity, the President, Major General Muhammadu Buhari (retd.), and the CBN Governor, Godwin Emefiele, should make timely and hard decisions to stop the dangerous slide.

Investopedia says “a currency crisis is brought on by…

Read full article here: punchng.com